The Emporia area market is up significantly over 2015 at this point, including many buyers purchasing their first home using a state grant to help with their down payment and closing costs.
Details for Federal Home Loan Bank Program:
- Applications can begin March 7th, 2016
- $4,500,000 in funds available
- Up to $5,000 available for each participant
- Funds are available on a first come, first served basis
- Income must be at or below 80% of the average median income
- 1-2 Person Household: $53,040
- 3 + Person Household: $60,996
- All income in the household must be used, even if only one applicant applies
- Income is based on current income, i.e. recent paystubs w/YTD info
- Definition of a First Time Homebuyer is an individual who wishes to purchase a home that will be his/her primary residence who meets any one of the following criteria:
- An individual or co-applicants who have no ownership in a principal residence during the prior three-year period ending on the date of the purchase of the property.
- A divorced or legally separated individual who has only owned a principal residence with a former spouse.
- Applicant must participate in a first-time homebuyer education course and obtain a completion certificate with homebuyers.mgic.com
- FHLB requires 20 working days after the funds reservation to confirm approval of grant funds. FHLB is only approving that the applicant qualifies for the grant funds. They do not participate in loan approval.
- Buyer must contribute at least $500 of own money
- Property must be retained for five years. Grant forgiven 20% per year.